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Submission of Returns
Authorised
Dealers are aware that with the introduction of Foreign Exchange Management Act
(FEMA), 1999, certain returns prescribed under Foreign Exchange Regulation Act (FERA),
1973 are no longer relevant. We have reviewed the position and advise as under:
1.
Annual Returns: With introduction of FEMA, persons resident in India
need not submit Annual Returns in respect of all types of foreign assets held by
them either in terms of general permission or specific permission of Reserve
Bank. However, wherever the Reserve Bank has granted specific permission for
acquisition of assets as well as sale thereof and submission of Return has been
prescribed as one of the conditions of approval, the applicants are required to
furnish full details of the foreign assets as prescribed in the permission.
2.
Statement in form CIR: In terms of paragraph 10C.24A(iii) of
erstwhile Exchange Control Manual (ECM), designated branches of authorised
dealers were required to submit a half-yearly statement, in form CIR, to Reserve
Bank giving details of the remittance made to NRI or credits given to NRE/ FCNR
accounts by 15th of the month following the half-year to which it
pertains. In view of provisions contained in Section 5 of FEMA, 1999, authorised
dealers need not submit statement in form CIR to the Reserve Bank.
3.
Statement in form SPG and SPM: With introduction of FEMA, 1999, in
terms of paragraphs 7(v) and 8 of Annexure 1 to A.D.(M.A. Series) Circular No.11
dated May 16, 2000, authorised dealers can, inter alia, themselves allow
remittances of surplus freight/ passage collections by airline/ shipping
companies after verification of documentary evidence in support of the
remittance. Therefore, airline/shipping companies need not submit statements in
form SPG and SPM to the Reserve Bank.
4.
Statement in form DBS: In view of discontinuation of Diplomatic Bond
Stores Account, authorised dealers need not submit DBS [c.f. paragraph 11B.5(e)
of the ECM (1993 edition)] statement to the Reserve Bank.
5.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
6.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
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